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Wells Fargo Buys Most of Pohlad Banking Empire

MINNEAPOLIS-Carl Pohlad will retain some banks, as well as his interests in the NorthMarq Capital commercial real estate finance business and United Properties property management firm after his deal with Wells Fargo & Co.

By Jim McCartney | Updated on October 08, 2001

MINNEAPOLIS-Wells Fargo & Co. has agreed to buy banks and other businesses in seven states owned by Minnesota businessman Carl Pohlad’s Marquette Bancshares, Inc. and Texas Financial Bancorp. The deal includes 25 banking locations in the Twin Cities metro area, four in Rochester, and one each in Cannon Falls, Dassel, Hutchinson, New Prague, Monticello, Rogers, and Stewartville in Minnesota.

The purchase also includes Marquette Bank, N.A., Marquette Financial Group, Inc. and Marquette Equipment Finance, Inc.

The purchase encompasses several of the Pohlad family’s national banking interests. The banking companies that will be purchased have $5.6 billion in assets, 117 locations, $4 billion in deposits, 2,300 employees and 300,000 customer households. Not included in the sale were Pohlad’s NorthMarq Capital commercial real estate finance business and his United Properties commercial real estate firm.

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